The case pertains to an application filed under section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The application was filed by Ms. Usha Aggarwal, the Personal Guarantor of M/s. Sargam India Electronics Private Limited, seeking initiation of the Insolvency Resolution Process.
Ms. Usha Aggarwal, acting as the personal guarantor for M/s. Sargam India Electronics Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was prompted by the failure of the Corporate Debtor and the Applicant to repay a total debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondents, which was done via email to Union Bank of India. Shri Hemant Sethi was proposed as the Resolution Professional and subsequently appointed by the Adjudicating Authority. An interim moratorium was declared from the date of application. The Resolution Professional is required to file a report under Section
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Tribunal directed the…
Date of pronou…
The case pertains to an application filed under section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The application was filed by Ms. Usha Aggarwal, the Personal Guarantor of M/s. Sargam India Electronics Private Limited, seeking initiation of the Insolvency Resolution Process.
Ms. Usha Aggarwal, acting as the personal guarantor for M/s. Sargam India Electronics Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was prompted by the failure of the Corporate Debtor and the Applicant to repay a total debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondents, which was done via email to Union Bank of India. Shri Hemant Sethi was proposed as the Resolution Professional and subsequently appointed by the Adjudicating Authority. An interim moratorium was declared from the date of application. The Resolution Professional is required to file a report under Section
…Tribunal directed the…
Date of pronou…